OTTAWA, ONTARIO--(Marketwired - March 5, 2014) - The Honourable James Moore, Minister of Industry, made the following statement today on Progress Energy Canada Ltd's application under the Investment Canada Act to acquire control of natural gas assets from Talisman Energy Inc.:
"I can confirm that I have approved Progress Energy Canada Ltd.'s application to acquire control of natural gas assets from Talisman Energy Inc. The investor's proposal is to acquire Talisman's Montney natural gas interests located in the Farrell Creek and Cypress areas of British Columbia.
"Foreign investment transactions are reviewed on their merits based on the overall economic benefit for Canada.
"In making my determination, I carefully considered the plans, undertakings and other information submitted by Progress Energy Canada Ltd. in light of the net benefit factors listed in section 20 of the Act and existing Guidelines, including those related to acquisitions in the guidelines on investment in state-owned enterprises.
"To demonstrate that the transaction is likely to be of net benefit, Progress Energy Canada Ltd. has made significant commitments in the areas of Canadian participation, commercial operations, transparency, adherence to Canadian laws and practices, including free market principles and capital investments."
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